MTZ@lemmy.world to Lemmy Shitpost@lemmy.world · 4 days agoBank Workers, Rejoice!lemmy.worldexternal-linkmessage-square205fedilinkarrow-up11.2Karrow-down111
arrow-up11.19Karrow-down1external-linkBank Workers, Rejoice!lemmy.worldMTZ@lemmy.world to Lemmy Shitpost@lemmy.world · 4 days agomessage-square205fedilink
minus-squareHufschmid@sopuli.xyzlinkfedilinkarrow-up1·edit-22 days ago30 vs 50 year mortgage at 6.25% interest rate on a $450,000 home: 30 year: $2771 per month and pay $547,000 in interest over loan duration ($997,000 total) 50 year: $2452 per month and pay $1,020,000 in interest over loan duration ($1.47 million total) So for the extra cost of $319 a month ($114,000 over 30 years), you can save $473,000 by going with the 30 year loan, and be done 20 years sooner. Sourced initial figures from this cnn article: https://www.cnn.com/2025/11/11/business/fifty-year-mortgage
30 vs 50 year mortgage at 6.25% interest rate on a $450,000 home:
30 year: $2771 per month and pay $547,000 in interest over loan duration ($997,000 total)
50 year: $2452 per month and pay $1,020,000 in interest over loan duration ($1.47 million total)
So for the extra cost of $319 a month ($114,000 over 30 years), you can save $473,000 by going with the 30 year loan, and be done 20 years sooner.
Sourced initial figures from this cnn article: https://www.cnn.com/2025/11/11/business/fifty-year-mortgage